Architects Insurance in Texas, Oklahoma, Colorado

Protect Yourself: Professional Liability Insurance

Whatever your profession, protecting yourself with professional liability insurance is not just a smart thing to do, but a necessity in today's litigious society. You have worked hard and put in years of education and work to get where you are in your career. Without the right coverage for potential negligence suits, you could lose everything you have worked so hard to achieve.

What It Covers

General liability insurance can protect you from a wide variety of claims against you and your business, but will not protect you from the type of lawsuit that can result from the simple errors we are all capable of making. Nor will it protect you from claims made against you that are unfounded. Remember that even if there is no truth to the accusations against you, you can still find yourself in court defending yourself and your professional reputation against them at a very high cost to you.

Those who provide a service or advice, or in any other way use their knowledge and experience to help others are in need of professional liability insurance. This includes things like errors and omissions insurance and malpractice insurance, both of which are types of professional liability. The similarity is that the types of lawsuits brought against professionals are usually based on actions, advice, or services that may not have caused property damage or direct injury but nonetheless can in some way be shown to be a result of the negligence of the professional.

Don't Take Chances

You do your best to provide good advice, to make sure that everything you do and offer to your clients is as accurate and helpful as possible, but everyone makes mistakes. And even when you didn't make a mistake, all it takes is someone who is unhappy with the outcome to turn on you and put the blame at your feet. These lawsuits can cost professionals incredible amounts of money, even if you win. Having to pay out on such a lawsuit can easily bankrupt even the most well off professional.

Professional liability insurance provides you with the means to defend your good name in court against accusations as well as to pay out on settlements when you are found to be negligent. Without it, you could find yourself not only out a lot of money, but your reputation could be on the line because you are unable to fight an unfounded lawsuit. Don't take chances; protect everything you have worked so hard for with the right professional liability policy for your industry. Your insurance agent can help you to ensure you have the coverage you need to have complete peace of mind.

The Right Professional Liability Coverage For You

The world of professional liability coverage offers a wide variety of policies. For every profession there is a policy designed to protect you from the particular liability risks that are inherent in your area of expertise. When choosing your professional liability coverage, it is important to make certain it provides for the potential risks you face every time you offer advice, services, or assistance.

One of the best known types of professional liability coverage is medical malpractice insurance, designed specifically for the needs of medical professionals. Whether you are a pediatrician or a surgeon, every time you offer medical advice or perform a procedure you take the risk that an error on your part could leave you facing a lawsuit. Few doctors today deny the need for this coverage, and in many cases it is required when you work in a clinic, hospital, or other medical office.

Errors & Omissions coverage is a type of professional liability that is used by a wide variety of professionals including lawyers, brokers, insurance agents or REALTORS, and many other types of consultants. It provides protection should you make an error in documentation, advice, or procedure that causes some sort of loss to a client. This coverage is right for anyone whose profession involves advising to people on their financial, legal, or similar decisions, and when preparation of legal documentation is involved.

Aside from these two common types of professional liability coverage, there are many others that can provide specific coverage suited to your profession. Contractors and others in the construction and related fields, accountants and financial advisors, even people working in certain areas of nonprofit organizations need to be protected with a professional liability policy. If you could potentially be sued for a mistake or omission that does not fall under the coverage in your general liability policy, you need to carry a professional liability policy to cover the gap.

The best way to determine what type of professional liability policy is right for you is to sit down with your insurance agent and discuss what is available and what is not covered by your current insurance policy. No matter how good you may be at what you do, it is an unfortunate fact that even an unfounded lawsuit can make it to court and damage you financially as well as hurt your reputation. Having the right coverage allows you to defend yourself and ensure a lawsuit won't leave you facing a financial disaster.